EV Cargo had several merger and acquisition opportunities, but other options were also being explored, Heath Zarin, EmergeVest's founder and CEO, told Reuters.
EmergeVest late last year tapped investment banks to explore strategic options for EV Cargo, according to people familiar with the situation and media reports at the time. The possibilities included a sale or initial public offering of shares, either of which were expected to value it at $1.5 billion to $2 billion, they said.
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